The committee held a second oversight hearing on executive compensation practices. Experts and government officials in the first panel testified about the current mortgage crisis including unprecedented numbers of foreclosures, the risks of adjustable-rate mortgages, and loan modification to prevent foreclosures. 

In the second panel the committee examined the compensation and retirement packages granted to the chief executive officers of three corporations involved in the current mortgage crisis. Loan company chief executive officers and compensation committee chairmen testified. Stan O’Neal and Charles Prince offered their resignations in the fall of 2007. They received compensation packages that they would have forfeited if fired for cause. Angelo Mozilo did not resign but would receive a terminal compensation package if the purchase of his company proposed in January 2008 by Bank of America is completed.